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There is a calm start of trading in the new week as the data on GDP from China fell as expected, not disturbing. The currency market is experiencing low volatility, stock exchanges are on a slight increase.

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Gold price dropped last week 0.5% to $1,281 as risk on in equities and stronger Dollar brought sellers in the precious metal pushing prices lower. Technically we were expecting breakout to the upside, but we were also prepared for an exit in case the break out was to the downside.

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The Risig Wedge price parent that might have been in development between the levels of 1.3171 - 1.1400 has been invalidated. The reason was a very shallow rally towards the nearest technical resistance at the level of 1.1414 that was terminated by the Shooting Star candlestick pattern with a top at the level of 1.1400.

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Gold price continues to trade inside the triangle pattern. In our previous posts, we have mentioned the price levels we should keep in focus and both the upside and downside targets depending on the direction of the break out.

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EURUSD: sellers have moved to 1.1330

Previous:On Wednesday the 16th of January, the euro fell slightly against the US dollar and the British pound. It remained under pressure following the comments of ECB head Mario Draghi, who told the European Parliament that the recent economic performance of the eurozone was worse than expected, and that the economy still needs substantial stimulation in the face of uncertain external factors. Market participants considered the fact that the regulator could extend the QE program a red flag.

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Thursday brought ragged trade on the Asian stock markets from increases to declines at the end of the session. The currency market is quite stable, which means maintaining the strength of USD after yesterday's rally. GBP stands still after Prime Minister May has survived the vote of no confidence.